In accordance with Circular dated April 27, 2007 issued by the Securities and
Exchange Board of India (“SEBI”), Permanent Account Number (“PAN”) issued by the
Income Tax authorities will be used as the sole identification number for all
investors (existing and prospective) transacting in the securities market,
including mutual funds, irrespective of the amount of transaction, with effect
from July 02, 2007. SEBI vide its Circular dated June 25, 2007 has further
clarified that until December 31, 2007, the existing and potential investors not
having PAN , should apply for PAN immediately and applications for investment
should be accompanied with the evidence of having applied for PAN.
In view of the above, with effect from July 2, 2007, it is mandatory for all
existing and prospective investors (including joint holders, guardians of
minors, NRIs etc) to enclose a certified copy of PAN card or a copy of the
evidence of having applied for PAN Card, along with the application for
investing in the schemes.

Existing Investors

Those who have submitted PAN Proof earlier: All such
investors are required to again furnish a certified copy with original PAN
Card/Letter or self attested copy, duly verified by any of the attesting
authorities mentioned hereunder, by mentioning their folio numbers.

All unit holders who have obtained the PAN but have not
furnished are requested to furnish an attested copy of the PAN card by
mentioning their folio numbers, without any delay.

All unit holders who have not obtained PAN are
requested to obtain PAN immediately and furnish a copy of the PAN card at the
earliest. Such unit holders are requested to furnish a copy of the evidence of
having applied for PAN (copy of Form-49A) for all further transactions in
existing or new folios until PAN Card is received.

Separate communication through letter, sms and email is
being sent to all existing investors.

Prospective Investors

All new investors shall furnish a copy of PAN card for investing in Mutual Fund
Schemes as under:

A. For Transactions from 2nd July, 2007 to 31st December, 2007

Such of those investors who have not obtained PAN, may furnish a copy of the
evidence of having applied for PAN (Form-49A) until December 31, 2007.

For investment amount less than Rs. 50,000 – A copy of
the evidence of having applied for PAN (acknowledged copy of Form 49A) until the
PAN is received. Upon receipt of PAN, furnish certified copy of PAN, with
respective folio numbers, for updation in their records.

If the investment is Rs 50,000 or more - A copy of the
evidence of having applied for PAN (acknowledged copy of Form 49A) and Form 60
along with proof of address, until PAN is received.

B. For Transactions w.e.f. 1st January, 2008

Further, with effect from January 1, 2008, it will be mandatory for all
investors to provide a certified copy of the PAN for all transactions in units
of schemes of the Fund.

Verification of PAN proof

The certification of the PAN can be done by any of the following by verifying
the original PAN Card/Letter:

The distributor/ broker through whom the transaction is
done if PAN proof is self-attested by investor

Bank Manager Attestation with his seal

Notary with his seal

Web Portal Members: Investors transacting through approved Web Portals are also
required to get their PAN validated by their Web Portals, if not done already.

Transactions by unit holders/investors who fail to submit copy of PAN or
evidence of having applied for PAN (Form - 49A) as explained above are liable to
be rejected.

KYC FORMALITIES

Independent of the mandatory PAN requirements spelt out above, the KYC
formalities under the Prevention of Money Laundering Act, 2002 (PMLA) and the
related guidelines issued by SEBI also needs to be completed in order to avoid
repeated exercise of KYC compliance for all mutual funds. This one-time
verification is valid for investments across all mutual funds and the process is
as follows:

A KYC application form can be obtained from designated
‘Points of Service’ (POS) – Investor Service Centres, CVL Centres (CDSL Ventures
Ltd.). The POS list can be found at www.amfiindia.com

A recent passport size photograph has to be affixed on
the completed KYC application form. Required documents such as the PAN card copy
and address proof along with details of occupation and income should be
submitted with it. (The list of documents required and instructions to fill the
form can be found in the KYC application form).

The completed KYC application form with the required
documents should be submitted to the nearest POS. Kindly note that there is no
charge for the verification.

After verification of the KYC application form and
accompanying documents, investors will receive a letter certifying their KYC
compliance. A copy of the letter bearing the PAN should be attached to the
scheme’s application form to avoid rejection.

Any change in any of the KYC details need to be updated
in CVL records only once, as all Mutual Funds will procure latest information
from CVL database for KYC compliant cases.

If you already have a Mutual Fund Identification Number (“MIN”) (not valid
anymore) and have not provided a certified copy of the PAN, you are requested to
complete the formalities mentioned under the paragraph “Permanent Account
Number” to be KYC compliant.